About Programs Testimonials Press Blog Contact Franchise Opportunity Login

First AICPA Cannabis Conference Paves the Future for the Industry

As states across our country continue to legalize Cannabis every year, CPAs, bookkeepers, and accounting professionals are steadily encountering new clients who want to serve the Cannabis industry. The AICPA (American Institute of Certified Public Accountants} has now recognized the need for providing guidance and support to accountants who may support the quickly growing Cannabis market. 

Calling on industry leaders, the AICPA held its first 2-day Cannabis education conference, the...

Continue Reading →

Do’s and Don’ts of Cannabis Cost of Goods Sold and IRC 471-11 Accounting and Tax

Due to the fact that Cannabis is classified as a Schedule I drug (in spite of the fact that the majority of states in this country have voted to legalize Cannabis in some form or fashion), ALL Cannabis companies must comply with 280E. There’s little grey area here, but if you’re in the business of harvesting, producing, manufacturing, or selling Cannabis in any way, shape, or form, your business is not able to legally take deductions.

IRC 280E clearly states:

No deduction or...

Continue Reading →

8 Ways Cannabis Startups Differ from Traditional Startups (and the Vital Skills Accountants Need to Help Them Flourish)

Cannabis startups are much more complicated than traditional startups. They face a set of unique challenges that require accountants to be clear on state licensing rules and federal regulations regarding controlled substances, making Cannabis companies 10x more likely to fail than non-Cannabis.

We’re not talking about not being successful in business -- we mean getting audited and paying massive fines, criminal charges against CEOs for illegal market activity, loss of licensure, and...

Continue Reading →

11 Cannabis Accounting Experts Share Industry Software Tips

Cannabis accounting software is hard to come by, and options that do exist are abysmal at best. Most vendors won’t come near the federally illegal industry. Also, the software that is available tends to be buggy and won’t typically integrate well with your clients’ existing accounting software. 

Without efficient “out-of-the-box” software solutions in place, you’d have to resort to pen and paper and archaic spreadsheets. Not only is that method...

Continue Reading →

5 Accounting Myths Cannabis CEOs Believe (and How to Debunk Them)

If you’re a Cannabis accounting professional, or are working towards learning how to serve clients in this space, you may have already experienced the frustrations of trying to reach out to Cannabis clients, only to be told that you’re not needed because they “already have an in-house bookkeeper” and that they’re sure their current accounting system is just fine. Until Cannabis CEOs understand that their practices are often inaccurate and self-damaging (as they...

Continue Reading →

How to Properly Price Your Cannabis and CBD/Hemp Accounting Services in 6 Easy Steps

Properly quoting accounting fees is complicated in any industry, but establishing a pricing policy for the wily Cannabis and hemp/CBD niches can be especially challenging and overwhelming. 

If you find it hard, or even scary, to price your Cannabis and hemp/CBD accounting services without undercutting your value, you are not alone. 

Many accountants struggle with raising their fees beyond low hourly rates. Learning how to package your services, create clear offers to reflect your...

Continue Reading →

How To Maintain Your Professionalism and Be on the Forefront of the Cannabis Industry

What is the first thing you think of when you hear the word “Cannabis”?

Did your thought(s) lean negative or positive?

The stigma surrounding the Cannabis plant often prevents seasoned accounting professionals from entering the Cannabis niche. There is sometimes a fear of not maintaining professionalism or damaging their reputation when they sign Cannabis clients, or a resistance to working with a federally illegal product and the accompanying tax complications.

You’re here,...

Continue Reading →

5 Cannabis/Hemp/CBD Accounting Headaches to Overcome that will Help Land You Clients (and Really Help Desperate CEOs)

Cannabis and hemp/CBD accounting is overwhelming for CEOs and seasoned accountants alike. At times, both niches can seem impossibly complex and leave you, the accounting professional, with a headache as you sift through state and federal rules and regulations. 

Your clients’ success hinges largely on you unraveling the tangle of rules and regulations and implementing the necessary processes required to keep Cannabis companies compliant. Few standard procedures and controls have...

Continue Reading →

5 Keys to Properly Managing Cost Accounting & Taxes in Cannabis\Hemp Cultivation Verticals

Proper cost accounting is essential for all Cannabis and hemp verticals, but it gets particularly tricky when you're dealing with cultivation. From the moment a seed is planted in the ground to the harvest of the crop, high-level accounting procedures are mandatory to keep cultivation companies compliant. 

Cannabis growers tend to be uninformed as to the importance of proper accounting. Often focusing more on the science and passion of growing, they have little patience for numbers....

Continue Reading →

5 Workaround Tools to Manage Essential (But Frustrating) Seed to Sale Compliance

Cannabis accounting is a complex, ever-changing niche due to the plant’s federally illegal status (regulations and rules vary from state to state). One key (but extremely complicated) aspect of Cannabis accounting is seed to sale tracking and compliance. Cannabis business owners can easily flub these complex accounting and compliance processes without the help of a trained Cannabis accountant on board. Even worse, inaccurately inputting seed to sale data can lead to significant...

Continue Reading →
Close

50% Complete